Real Estate Equities and Big-D Construction have broken ground on a new multifamily affordable housing community, the 312-unit Copa Flats, in Maricopa, Arizona. While this will be the sixth endeavor between Real Estate Equities and the Big-D family of companies, it is the partners’ first venture in Arizona.
“The accelerating employment market, allure of Arizona to relocating renters, and overall product demand combined for a prime opportunity,” said Eric Omdahl, development partner with Real Estate Equities. “We see this project as the first of many in the Phoenix metro, and we will look to fill a void in the area’s rising housing needs.”
St. Paul, Minnesota-based Real Estate Equities owns and manages over 3,500 units in Indiana, Minnesota, and Wisconsin. It has partnered with Big-D Midwest on five projects in the Twin Cities area with more in the pipeline. Arizona-based Johnson Carlier, an independently managed part of the Big-D family of companies, is the general contractor on the Copa Flats project.
“We are excited that Real Estate Equities is bringing the team of Big-D Midwest and Kaas Wilson Architects, which has proven to be successful, as they enter the Arizona market,” said Kris Lynn, director of business development for Big-D Midwest. “Having a well-established office within the Big-D family of companies in Arizona like Johnson Carlier Construction strengthens our bandwidth as Real Estate Equities expands their footprint into that market.”
The new community will target renters making 60% of the area median income or less. Amenities will include a resident club room, a 24-hour fitness center, a yoga studio, a children’s playroom, a dog wash, a resort-style pool, a grill patio, fire pits with seating, a yoga turf area, and a dog run.
The development also will focus on sustainability, with features such as photovoltaic panels on 300 canopies, reserved parking for low-emission vehicles, recycling, live vegetation walls, and alternative rainwater harvesting.
Financing for the $87.8 million development is being provided by Citibank, WNC, Minnwest Bank, Arizona Department of Housing, and Arizona Industrial Development Authority.